(Download) "Forest Valuation and the AASB 141 Accounting Standard." by Australian Forestry # eBook PDF Kindle ePub Free
eBook details
- Title: Forest Valuation and the AASB 141 Accounting Standard.
- Author : Australian Forestry
- Release Date : January 01, 2007
- Genre: Engineering,Books,Professional & Technical,
- Pages : * pages
- Size : 188 KB
Description
Introduction Corporations law prescribes that the Australian Accounting Standards Board (hereafter AASB) Standard AASB 141 'Agriculture' be used in preparing the annual financial statements required of most private and public forestry entities under that law. Accounting standards such as AASB 141 prescribe the processes to be used in 'general purpose financial reporting' and aim to meet the needs of a broad array of stakeholders by providing information for making and evaluating decisions about the allocation of scarce resources. For example, providers of resources may want to know whether the reporting entity is achieving its stated objectives in the use of resources economically and efficiently. Recipients of goods and services, and stakeholders with review and oversight responsibilities, may want to assess the ability of the reporting entity to continue in the future and whether it is making those goods and services economically and efficiently. The standards and reports are therefore not aimed simply at the valuation of the business or specific assets but at a much wider set of financial evaluations using accrual accounting and, in most cases, assuming the entity will continue as a going concern. Nevertheless, the specified processes in AASB 141 have considerable significance for the valuation of forestry assets when an 'independent valuation' is required which, as discussed later, is generally the case.
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